The Cato Institute was founded in 1977 by Edward H. Crane. It is a non-profit public policy research foundation headquartered
in Washington, D.C. The Institute is named for Cato's Letters, a series of libertarian pamphlets that helped lay the philosophical
foundation for the American Revolution. How Cato Is Funded - In order to maintain its independence, the Cato Institute accepts
no government funding. Cato receives approximately 75 percent of its funding from individuals, with lesser amounts coming
from foundations, corporations, and the sale of publications. The Cato Institute is a nonprofit, tax-exempt educational foundation
under Section 501(c) 3 of the Internal Revenue Code. Cato's 2007 revenues were over $24 million, and it has approximately
105 full-time employees, 75 adjunct scholars, and 23 fellows, plus interns.